Citi’s New Banking Head Viswas Raghavan Begins Tenure Amid High Hopes from CEO Jane Fraser
Viswas Raghavan joined Citigroup as its new head of banking this week in New York, the lender announced on Tuesday, following his earlier hire from JPMorgan, where he previously led investment banking.
Citi’s CEO Jane Fraser has expressed high hopes for Raghavan, who rose through the ranks at JPMorgan from capital markets, as she aims to revitalize the bank’s division catering to multinational corporations. In a LinkedIn post on Tuesday, Fraser welcomed Raghavan and shared a photo with him at the company’s headquarters, stating, “His decision to join Citi reflects our ability to attract the best talent.”
In April, Fraser told shareholders she was delighted to welcome Raghavan, adding, “We look forward to the added intensity he will no doubt bring.”
Raghavan was described by former colleagues as a demanding manager with a confident style, though they requested anonymity when discussing personnel matters.The company declined to comment.
Raghavan’s previous roles at JPMorgan included CEO for the Europe, Middle East, and Africa (EMEA) region, as well as leading investment and corporate banking and treasury services in the region. Since joining JPMorgan in 2000, he held senior positions in debt and equity capital markets.
Originally from India, Raghavan holds bachelor’s degrees in physics from the University of Bombay and in electronic engineering and computer science from Aston University. He is also a chartered accountant.
Citi’s investment banking revenue in the first quarter was $903 million, compared to JPMorgan’s $2 billion in the same period. Wells Fargo analyst Mike Mayo noted in February that Citi’s banking unit “can use a revamp” and suggested Raghavan might be attracted to Citi due to its large global footprint and the opportunity to lead a business line with potentially easier performance comparisons. Mayo highlighted Citi’s stock as his top pick.
Over the last five years, Citigroup has ranked fifth or sixth globally in investment banking revenue, according to Dealogic rankings, with a 4.8% share in global revenue this year, up from 4.1% in 2023. Other major U.S. rivals hold a market share above 6%.
Investors have rewarded Fraser with a 19% share price increase this year as she implemented a comprehensive overhaul, outpacing the 13% rise of an S&P 500 index of bank stocks in 2024.
